Thursday, March 08, 2012

Why Do Democrats Hate Poor People?

Or at least, why do Democrats want to make basic services more expensive for poorer people? I told you that banks are reacting to stupid laws like Dodd-Frank that raise their costs by raising prices, which will hurt lower income people the most. Well, here is the latest

Wells Fargo & Co. (WFC), the bank with the most U.S. branches, ended free checking in six eastern U.S. states as it seeks to recover revenue lost to new financial rules.

New and existing customers in New York, New Jersey, Connecticut, Georgia, Delaware and Pennsylvania must pay a $7 fee for a basic checking account if they receive paper statements and $5 if they select electronic statements, Lisa Westermann, a Wells Fargo spokeswoman, said in a phone interview. Customers can get the fee waived if they direct deposit more than $500 in their account each month, or if they maintain a $1,500 balance, she said.

U.S. banks are seeking more fee revenue from customers after regulators curbed overdraft fees and as a new consumer protection agency comes online. Wells Fargo and rivals Bank of America Corp. and JPMorgan Chase & Co. abandoned plans last year to levy debit-card fees after consumers protested.

Everybody and their monkey knew that the new regulations would raise costs, but only lefty Dems thought that somehow that banks wouldn't recoup those costs somehow, that they would bow down and submit to providing coerced charity because our lawmakers have said so.


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